It's not easy to become an advisor. It takes years of education and experience to gain success. But for some advisors, it takes even more. They face formidable challenges — and find ways to overcome obstacles.
Advisors may have grappled with a rough upbringing, childhood illness or other disadvantages from a young age. Through grit and perseverance, they conquer roadblocks and pave the way for a career in personal finance.
In other cases, advisors grew up without much money. Their parents made ends meet, and they scraped by on a tight budget.
Raised in Chicago, Valerie Rivera is a first-generation Mexican American. She grew up across the street from housing projects. She's the first in her family to attend college.
"I didn't have a lot, but I had what I needed and I could see from my front window people who had less than me," said Rivera, a certified financial planner at Chicago-based FirstGen Wealth. "I had two loving parents, a house and stability. It helps you have perspective about what really matters in life."
When she sees advisors who advertise that they are "not your parents' financial planner," she shakes her head.
"That assumes your parents had money," she says with a laugh.
Rivera, 37, entered the financial planning field in 2008 when she worked as a relationship manager at a community development bank. Her boss suggested that she apply for a job at a wealth management firm.
Her boss' tip changed her life.
"If you don't know that a career exists, how can you plan on doing it?" she said. But soon after she entered her new field, she saw opportunities to overcome obstacles in financial planning.
Seeking 'Pioneers' As Clients
Other advisors at the firm could attract clients by approaching friends and family with significant assets. But she didn't have a rich network to tap.
"Everyone came from an affluent background," she recalled. "They had a built-in wealthy network."
While she savored the opportunity to learn the financial planning profession, she didn't always enjoy working at big wealth management companies. She sometimes felt like a fish out of water.
"I almost quit multiple times," she said. "Now I tell financial planners of color, 'We desperately need you.' "
In early 2022, Rivera launched her own firm. She says that after seeing the benefits of financial planning and prudent investing in her adult life, she wanted to provide that service to others who did not grow up with money.
"Throughout my career, I've always been the only person who looked like me, both my peers and clients," she said. "Now I want to work with pioneers — people who are the first in their family to build wealth."
Advisors Overcome Obstacles And Hit Their Stride
When marketing their practice, advisors often promise to help clients live their dreams. Some financial planners know all too well what that's like to overcome obstacles.
Jane Mepham, 51, grew up in Kenya. In 1995, she came to the United States on an F-1 student visa to enroll at Worcester State University.
While she could speak English, she had never ventured so far from home and knew no one in America. Adjusting to her new life took time.
"When I thought about going back home, I also thought, 'Here's my one shot to achieve the American dream,' " she said. "I had a goal to make something of my life and there was no way I was going to give up."
After graduating college and earning a master's degree in computer science, Mepham worked in information technology. An employer sponsored her to get a green card, which gave her permanent residency.
In 2018, she switched careers to enter financial planning. Today, she's a certified financial planner who runs her own Austin, Tex.-based firm, Elgon Financial Advisors, which serves foreign-born families.
Melding Life And Career
Like Rivera and Mepham, Andrew Komarow founded an advisory firm that reflects his life experience. The 33-year-old certified financial planner was diagnosed with autism in 2017.
By 2018, he had launched his West Hartford, Conn.-based firm, Planning Across the Spectrum, for people with special needs and "neurodiverse" individuals. He had a head start — he worked in financial planning since his early 20s — but the last five years have led him to overcome obstacles and hit his stride.
He has learned to harness the anxiety that accompanies his condition so that it works to his advantage. And he also designed his office to accommodate his sensory preferences: the lights are dimmable and he has six computer monitors at his desk that command his attention.
"I've overcome a lot of obstacles," Komarow said. "I struggled early on at not being diagnosed and not having the right support. But in a lot of ways, I'm luckier than most people."
